Trump’s ‘Ridiculously Vague’ Tax Plan Would Give Poor $40 and Ultra-Rich $940,000
Like many of the shady moves made by the Trump administration, its plan for tax reform is no different, but this one involves some seriously fuzzy math. Researchers wanted to get to the bottom of the president’s proposed tax plan, so they ran the numbers and it’s not favorable.
According to a new analysis by the Tax Policy Center, the tax cuts (included in the tax reform outline released in April) “could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners,” Vox reports.
So Trump’s tax plan would reportedly include tax hikes and give the average family earning under $25,000 per year a measly $40 tax cut, or a 0.3 percent boost in after-tax income. The top 0.1 percent, or the ultra-rich, earning above $3.4 million a year, would get an average tax cut of $937,700, or a 13.3 percent boost in after-tax income. No shocker there! Find out more details…